I am getting ready to make a deal on my first rehab property. What type of contract do I fill out with the seller and when I find an HML when does the payback to them have to happen?
Thank You in advance.
make sure you make it contigent upon financing at whatever you are comfortable with such as 80/20 or 70/30 with interest of no more than xx%. you should really have your financing ready BEFORE you make the deal.
Every HML is different. In general 4-6 months is when the loan needs to be paid back or you get charged additional fees to extend it.
Loan maturity is one of the many things that should have been clearly spelled out to you—6-12 months is the norm for most…
Regards,
Scott Miller